A corporation expects to have $1,000,000 in taxable income for the current year, but decides to implement a bonus program for its employees. To do this, they plan to pay out $400,000 in bonuses with 10% paid in April of the current year, 30% more paid in July, and the remaining 60% paid in November. Assuming the corporations tax year ends June 30th, how much will its taxable income for the current year be?

Please explain why the answer is $840,000.